In my previous update, I highlighted a critical weekly support zone between 2,950 and 2,960 (Green Circle ), and as expected, gold bounced beautifully from that level.
However, the market surprised me with its speed— we saw a sharp 3% gain in a single day! I had anticipated 1-2 days of consolidation around that support before such a move, but the strength of the support I identified held firm, proving its reliability once again.
Given this sudden shift and the strong buying momentum, I’ve updated my chart to reflect the new possibilities.
Previously, my bias leaned toward a potential double-top formation at the all-time high (ATH) level, around 3,150-68, as marked in the “Previous Expectation” zone. My plan was to look for a confirmed sell setup once we hit that resistance. But with the recent surge, we need to adapt and consider both bullish and bearish scenarios moving forward.
Bullish Case: If we see a strong daily close above the ATH—or a decisive breakout on the 4-hour chart—gold could be move for a continuation to higher levels, potentially targeting the upside projection I’ve marked with the green arrow. This would signal a new leg up, and we’d want to ride that momentum with a buy setup. Keep an eye on volume and price action for confirmation; a clean break with conviction could take us well beyond the current highs.
Bearish Case: On the flip side, if gold fails to sustain above the ATH and shows signs of rejection, the bearish scenario I outlined earlier remains in play. A double-top confirmation at this resistance could lead to a reversal, with price potentially dropping back toward the support zones I’ve marked around 3,000 and lower. We’d need to watch for a failure to hold the highs, possibly with a bearish candlestick pattern or a break below key short-term support on the lower timeframes.
For now, the market has shown its hand with this aggressive buying pressure, but we must remain vigilant. The new area I’ve marked as “New Update” around the current price action suggests we’re at a pivotal moment.
However, the market surprised me with its speed— we saw a sharp 3% gain in a single day! I had anticipated 1-2 days of consolidation around that support before such a move, but the strength of the support I identified held firm, proving its reliability once again.
Given this sudden shift and the strong buying momentum, I’ve updated my chart to reflect the new possibilities.
Previously, my bias leaned toward a potential double-top formation at the all-time high (ATH) level, around 3,150-68, as marked in the “Previous Expectation” zone. My plan was to look for a confirmed sell setup once we hit that resistance. But with the recent surge, we need to adapt and consider both bullish and bearish scenarios moving forward.
Bullish Case: If we see a strong daily close above the ATH—or a decisive breakout on the 4-hour chart—gold could be move for a continuation to higher levels, potentially targeting the upside projection I’ve marked with the green arrow. This would signal a new leg up, and we’d want to ride that momentum with a buy setup. Keep an eye on volume and price action for confirmation; a clean break with conviction could take us well beyond the current highs.
Bearish Case: On the flip side, if gold fails to sustain above the ATH and shows signs of rejection, the bearish scenario I outlined earlier remains in play. A double-top confirmation at this resistance could lead to a reversal, with price potentially dropping back toward the support zones I’ve marked around 3,000 and lower. We’d need to watch for a failure to hold the highs, possibly with a bearish candlestick pattern or a break below key short-term support on the lower timeframes.
For now, the market has shown its hand with this aggressive buying pressure, but we must remain vigilant. The new area I’ve marked as “New Update” around the current price action suggests we’re at a pivotal moment.
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Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
t.me/livepriceactiontrading
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.